01/08/2010 We had a number of clients last year contact us with a wide array of identity theft schemes disguised as notices from the Internal Revenue Service. Some of them looked pretty convincing complete with letterhead, web site links, and just enough personal information to be effective—and frankly, pretty scary. It’s a new year and… Continue Reading
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Author Archives: Kathy Zaffore
2010 Tax Changes–A Few Notes
01/07/2010 • REQUIRED MINIMUM DISTRIBUTIONS from Traditional, SEP and SIMPLE IRAs as well as employer qualified contribution plans (ie 401k’s, 403b’s) must be made during 2010 for those over age 70.5 or those receiving distributions from a decedent IRA. During 2009, there was a hiatus, but that is finished – so don’t forget to take… Continue Reading
More AMT – yikes
01/07/2010 Here are the 2010 AMT exemption amounts (but please read to the bottom of this entry). If you scan down to see the 2009 amounts, you will notice that for 2010, MANY more people could be impacted. Married Filing Jointly $45,000 Married Filing Separately $22,500 Single/Head of Household $33,750 Do you see the marriage… Continue Reading
AMT Rears Its Ugly Head – Again
01/06/2010 Alternative Minimum Tax (AMT) is a “growing problem” for our clients. What was intended to be a snare for a handful of very wealthy taxpayers back in 1969 has become a stealthy way for the federal government to collect more money from a growing percentage of upper-middle income taxpayers. Congress habitually “fixes” AMT one… Continue Reading
Just the Facts
01/05/2010 Auto Standard Mileage Rates: Business 2009 55 cents 2010 50 cents (yes, it went down) Volunteer/Charity Work 2009 14 cents 2010 14 cents Medical and Moving 2009 24 cents 2010 16.5 cents Max IRA Contribution 2009 and 2010 $5,000 (or $6,000 for over age 50) Max 401(k) Deferral 2009 and 2010 $16,500 (or $22,000… Continue Reading
Time to Convert Traditional IRAs to Roth IRAs?
***UPDATE 04/07/2013**** As I was working on a return today for a new client with Roth conversions that include both traditional and non-deductible IRAs, I remembered THIS blog entry and thought — clarification is needed. So here I am, back to clarify. Please note that I say right off the bat in this blog that… Continue Reading
Resolved: Make More Money in 2010 (…and lose 30 pounds)
01/02/2010 The title on today’s blog feels like it comes from the Shameless Commerce Division – a surefire title to attract attention. Who doesn’t want to make more money this year? On a quick web search, I came up with hundreds, perhaps thousands, of blogs and web sites with articles promising advice for greater profitability… Continue Reading
Gold – Buy It For Yourself
01/01/2010 Toward the end of the Reagan presidency, a commercial aired showing an art deco stylized woman standing on top of a NY skyscraper with her arms stretched to the cosmos, her long hair waving away from her beautiful and transfixed face. Gold bangles dropped from the sky onto her shapely outstretched arms. The voiceover… Continue Reading
Economics is Not Boring!
12/31/2009 The Wall Street Journal reported today that “The Treasury sold more than $2.1 trillion in notes and bonds this year, more than in the previous two years combined, to fund a widening budget shortfall and finance programs to rescue the banking system and support the economy.” While that sounds dire, here is the kicker:… Continue Reading